Delaware Confiscates $100 Billion of Musk's Wealth

Newsmax ^ | December 2, 2024 | Newsmax Wires (No more Sewer Rooters or Associated Presstitutes)

[Navy Patriot]

A Delaware judge moved Monday to confirm its confiscation of Elon Musk's wealth that he created at Tesla — denying him a compensation package that would be worth over $100 billion in value today.

Musk has paid a heavy price for countering woke politics, making X a neutral platform, and backing Donald Trump for president.

Delaware Chancellor Judge Kathaleen McCormick on Monday ruled to confirm her January ruling that found Musk was not eligible for a 2018 compensation package then valued at $56 billion.

McCormick complained the Tesla package for Musk was the "biggest compensation plan ever — an unfathomable sum."

After McCormick had initially ruled that Musk had not gotten proper approval from Tesla shareholders, Musk filed suit.

Musk said he properly received board approval and later hit financial targets to earn the compensation, including benchmarks based on stock value, profitability, and revenue.

[Navy Patriot]

America has the very best Legal System that Marxist Democrat Money Can Buy!

[rktman]

IIRC, this is twice he’s been denied compensation that was approved by his board of directors.

[Gary from Dayton]

All because he fought for free speech.

[vaskypilot]

After rulings like this, companies may leave Delaware.

[Ann Archy]

Delaware is a CESSPOOL!!!

[V_TWIN]

Delaware huh?.....now what piece of shit do I know that lives in Delaware......oh yeah, now I remember.

[Tolerance Sucks Rocks]

Note to self: never incorporate in Delaware.

[fella]

Goly Gee!

Delaware, home of the Biden crime family.

[bleach]

Is it possible to move it to Texas from Delaware?

[JSM_Liberty]

Delaware hasn’t confiscated anything. The existing Tesla shareholders retain the ownership share they currently have. If Musk had received and exercised these stock options then existing shareholders would have held a slightly smaller share of ownership than they did before.

[mewzilla]

And the Harkles.

[neverevergiveup]

How can a judge make this decision? What is the ‘law’ that is being considered as relevant?

[Texas Fossil]

Musk moved his company headquarters from Delaware because of the prior cases.

He is rapidly moving everything he can to Texas. It is the business friendly state.

[I want the USA back]

Political retribution because Musk gets along so well with Trump.

[GrumpyOldGuy]

Pull an obama and say “We believe the court is incorrect so we are going to ignore the ruling”. F the communist “judge” that should be disbarred because they don’t know the difference between law and opinion.

[bitt]

p

[Glad2bnuts]

Delaware confiscated $345 Million, and gave it to the attorneys. Is that nothing?

[Skywise]

How is it in anyway constitutional for a judge to block a shareholder approved package because “you’re making too much money?”

Also - I thought TSLA had already reincorporated in Texas?

[Navy Patriot]

You remember correctly.

[Worldtraveler once upon a time]

Rather poor reporting, "A Delaware judge moved Monday to confirm its confiscation of Elon Musk's wealth that he created at Tesla...." If a court had "confiscated," then another -- the state, as an example -- would have the asset or asset value. She merely sands in the board's way of doing as they would do. When the corporation is in another jurisdiction she will not "sit." Any new action by the board will be a new action, period. Perhaps a new law suit but not under this judge who did not "confiscate" anything.